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Multifamily Loans in
Essex, MD

Overview

Essex is located in a good market for 5+ unit multifamily loans. Multifamily loans in Essex are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Essex are competitive. Essex apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Essex.

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Essex, MD

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Essex are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.74% - 4.44%
7 Year Fixed 3.68% - 4.38%
10 Year Fixed 3.79% - 4.49%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 3.32% - 3.56%
7 Year Fixed 3.28% - 3.52%
10 Year Fixed 3.47% - 3.71%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.34% - 4.04%
7 Year Fixed 3.28% - 3.98%
10 Year Fixed 3.39% - 4.09%
Freddie Mac®
$7.5M to $100M
5 Year Fixed 3.03% - 3.28%
7 Year Fixed 3.19% - 3.64%
10 Year Fixed 3.25% - 3.65%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/04/2021. This is not an offer or commitment to lend. Multifamily loan rates in Essex may vary based on income, leverage and other factors. Fannie Mae is a registered trademark of Federal National Mortgage Association Corporation. Freddie Mac is a registered trademark of the Federal Home Loan Mortgage Corporation.

Get multifamily loan quotes for Dec 05, 2021


Multifamily Lenders in Essex, MD

All major multifamily lender types are lending in Essex.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Dec 05, 2021


Essex Market

The city of Essex in Baltimore County has a population of 39,437. The median rent in Baltimore County for a 2 bedroom is $1,505. The median Essex resident is 38 years old with a yearly income of $31,554. The average family has 3.37 members and a median household income of $57,780. Essex has a 16% higher education rate. The unemployment rate in Essex is 6.9%.


Population
39,437 people

County
Baltimore County

Renters

45.2% of Essex households are renters.


Rent Burden

32% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Baltimore County 1
Maryland 2
National 2
Studio $997 $1,013 $737
1 bedroom $1,213 $1,126 $813
2 bedroom $1,505 $1,365 $1,015
3 bedroom $1,950 $1,803 $1,325
4 bedroom $2,233 $2,127 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Essex Demographics


Median Individual Income
$31,554 / year

Median Household Income
$57,780 / year

Families w/ Dual Incomes
49%

Unemployment Rate
6.9%
Household Income Distribution
Essex, MD

Median Age
38 years

Avg Family Size
3.37 people
Age Distribution
Essex, MD

College Education or Above
16%

STEM College Graduates
44%
Education Distribution
Essex, MD
Source: U.S. Census Bureau

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